Margins mostly varied within a range of -15bps to +23bps on the day, with 19 falls and 23 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, -43bps), Macquarie Capital Notes 4 (MQGPD, +42bps), Macquarie Bank Capital Notes 2 (MBLPC, +41bps), Judo Capital Notes (JDOPA, +32bps) and Commonwealth PERLS 14 (CBAPK, +32bps) had the largest (absolute) changes on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 7.50% | -0.26% | 101.17 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.21% | 0.06% | 101.18 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.02% | -0.35% | 103.80 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.06% | -0.35% | 103.58 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.18% | 0.37% | 102.80 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.76% | 0.20% | 103.40 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.90% | 0.23% | 104.20 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.90% | 0.41% | 105.80 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.63% | 0.01% | 103.91 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.12% | -0.23% | 103.35 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.49% | -0.45% | 102.70 | 7.14% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.91% | 0.42% | 104.60 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.07% | -0.09% | 103.20 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.13% | 0.02% | 95.00 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.42% | 0.14% | 104.18 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.40% | 0.03% | 103.34 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.60% | 0.21% | 103.75 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.29% | -0.14% | 105.97 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.30% | 0.18% | 101.73 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.36% | -0.23% | 103.37 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.43% | 0.14% | 103.35 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.44% | -0.04% | 103.26 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.64% | -0.04% | 100.95 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.51% | 0.01% | 104.95 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.58% | 0.02% | 101.50 | 7.14% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.79% | -0.01% | 102.30 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.23% | 0.32% | 108.90 | 10.01% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.40% | 0.09% | 102.69 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.80% | 0.24% | 103.65 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.54% | 0.32% | 102.80 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.03% | -0.06% | 102.01 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.79% | -0.07% | 103.87 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.56% | -0.16% | 102.54 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.62% | 0.02% | 103.06 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.62% | 0.01% | 102.22 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.63% | 0.00% | 103.70 | 7.20% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.85% | -0.01% | 100.75 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.66% | -0.08% | 100.90 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.71% | -0.18% | 102.60 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.89% | 0.12% | 101.78 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.75% | -0.05% | 102.50 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.71% | -0.11% | 103.97 | 7.27% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.08% | 0.05% | 91.44 | 9.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | -0.02% | 106.48 | 8.98% |
** “Clean” running yield. Includes franking credits if present.